From: Reason (reason@exratio.com)
Date: Tue Apr 08 2003 - 14:37:23 MDT
> > Keynesianism, which brought us such novel phenomena as stagflation,
> > and has now (one hopes) been completely discredited, perhaps did have
>
> It is my understanding that a mix of Keynesianism and monetarism is how
> economies are run today. The claims of each theory that they could give a
> desired growth rate, or a desired employment rate, are discredited. But
> their analyses of economic failure modes stand. So we control
> inflation with
> the money supply and try to avoid Keynesian liquidity traps. The
> US didn't
> really pop out of the Depression until the Keynesian-by-accident spending
> policies of WWII. Bush's talk about stimulating the economy with
> a tax cut is
> basically Keynesian -- get the gov't to pump in more money than
> it's taking
> out, to increase demand, to bring back into play idle labor and
> capital. (If
> there is no idle labor and capital then you'll just get inflation.)
No, no, no: it's not about moving money around, it's about how much people
are saving.
General:
http://www.mises.org/journals/qjae/pdf/qjae3_1_9.pdf
http://www.mises.org/tradcycl/econdepr.asp
http://www.mises.org/fullstory.asp?control=1065
http://www.mises.org/fullarticle.asp?record=157&month=05
About the Japanese depression:
http://www.mises.org/fullstory.asp?control=1099
http://www.mises.org/fullarticle.asp?record=298&month=12
absurd Keynes ideas:
http://www.mises.org/fullstory.asp?control=741
http://www.mises.org/fullstory.asp?control=1069
Reason
http://www.exratio.com/
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